Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

It's looking a bit that way. Being a VMM holder I keep an eye on IXR's cash position. I doubt they will sell their VMM holding, that could jeopordise the relationship between the parties and IXR need VMM more than VMM need IXR with respect to the refinery JV. VMM can send their premium MREC to many different parties with refineries online (Iluka, Lynas, Neoperformance, China) but IXR need MREC feed to build refineries.. I must say, VMM capital management has been very good, they keep the kitty topped up when the price is strong (even if some complain it stunts the price rise). Look at IXR capital management if you want to see how not to do it. Imagine if VMM had to come to the market here at 70c for a $5m+ cap raise?